California Statutes
§ 11541.1. — 11541.1. (Added by Stats. 1996, Ch. 406, Sec. 13.)
California·Code INS Insurance Code - INS·Div. 2. DIVISION 2. CLASSES OF INSURANCE·Part 2. PART 2. LIFE AND DISABILITY INSURANCE·Ch. 14. CHAPTER 14. Conversion of an Incorporated Mutual Life or Life and Disability Insurer into an Incorporated Stock Life Insurer Issuing Policies on a Reserve Basis·Art. 1. ARTICLE 1. Authority and Requirements to Convert
At any time before that plan of conversion becomes effective as provided in Section 11542, the mutual company may, by resolution of a majority of the board of directors, amend the plan of conversion or withdraw the plan of conversion. Any plan amendment shall require the written consent of the commissioner. For a plan amendment, all references in this chapter to the plan of conversion shall be deemed to refer to the plan as amended, but no amendment shall be deemed to change the adoption date of the plan of conversion. No amendment may change the plan of conversion in a manner that the commissioner determines is materially disadvantageous to policyholders of the mutual life insurer or members of the mutual holding company, unless a further public hearing is held on the plan as amended,
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California § 11541.1. (11541.1. (Added by Stats. 1996, Ch. 406, Sec. 13.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 1996, Ch. 406, Sec. 13. Effective August 19, 1996.